80 FR 12240 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Specifying in Exchange Rules the Exchange's Use of Certain Data Feeds for Order Handling and Execution, Order Routing, and Regulatory Compliance
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 44 (March 6, 2015)
Federal Register Volume 80, Issue 44 (March 6, 2015)
| Page Range | 12240-12242 | |
| FR Document | 2015-05164 |
[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)] [Notices] [Pages 12240-12242] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-05164] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74410; File No. SR-NYSE-2015-09] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Specifying in Exchange Rules the Exchange's Use of Certain Data Feeds for Order Handling and Execution, Order Routing, and Regulatory Compliance March 2, 2015. Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on February 24, 2015, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C.78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to specify in Exchange rules the Exchange's use of certain data feeds for order handling and execution, order routing, and regulatory compliance. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. [[Page 12241]] A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On June 5, 2014, in a speech entitled ``Enhancing Our Market Equity Structure,'' Mary Jo White, Chair of the Securities and Exchange Commission (``SEC'' or the ``Commission'') requested the equity exchanges to file with the Commission the data feeds used for purposes of (1) order handling and execution (e.g., with pegged or midpoint orders); (2) order routing, and (3) regulatory compliance, if applicable.\4\ Subsequent to the Chair's speech, the Division of Trading and Markets stated that it ``believes there is a need for clarity regarding whether (1) the SIP data feeds, (2) proprietary data feeds, or (3) a combination thereof,'' are used for these purposes and requested that proposed rule changes be filed that disclose such information.\5\ The stated goal of disclosing this information was to provide broker-dealers and investors with enhanced transparency to better assess the quality of an exchange's execution and routing services. --------------------------------------------------------------------------- \4\ See Mary Jo White, Chair, Securities and Exchange Commission, Speech at the Sandler, O'Neill & Partners, L.P. Global Exchange and Brokerage Conference (June 5, 2014) (available at www.sec.gov/News/Speech/Detail/Speech/1370542004312#.U5HI-fmwJiw). \5\ See Letter from James Burns, Deputy Director, Division of Trading and Markets, Securities and Exchange Commission, to Jeffrey C. Sprecher, Chief Executive Officer, Intercontinental Exchange, Inc., dated June 20, 2014. --------------------------------------------------------------------------- On July 18, 2014, in response to the above request, the Exchange filed a proposed rule change that clarified the Exchange's use of certain data feeds for order handling and execution, order routing, and regulatory compliance.\6\ As noted in that filing, the data feeds available for the purposes of order handling and execution, order routing, and regulatory compliance at the Exchange include the exclusive securities information processor (``SIP'') data feeds.\7\ --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 72710 (July 29, 2014), 79 FR 45511 (Aug. 5, 2014) (SR-NYSE-2014-38) (``July 2014 Data Feed Filing''). \7\ The SIP feeds are disseminated pursuant to effective joint- industry plans as required by Rule 603(b) of Regulation NMS. 17 CFR 242.603(b). The three joint-industry plans are: (1) The CTA Plan, which is operated by the Consolidated Tape Association and disseminates transaction information for securities with the primary listing market on exchanges other than NASDAQ Stock Market LLC (``Nasdaq''): (2) The CQ Plan, which disseminates consolidated quotation information for securities with their primary listing on exchanges other than Nasdaq; and (3) the Nasdaq UTP Plan, which disseminates consolidated transaction and quotation information for securities with their primary listing on Nasdaq. --------------------------------------------------------------------------- SEC staff has requested that the Exchange file a supplemental proposed rule change to specify in Exchange rules which data feeds the Exchange uses for the above-described purposes. Accordingly, the Exchange is filing this proposed rule change. As set forth in its July 2014 Data Feed Filing, the Exchange uses only the SIP data feeds to determine protected quotations on markets other than the Exchange \8\ for purposes of compliance with Rule 611 and Rule 610(d), including identifying where to route ISOs, to calculate the protected best bid or offer (``PBBO'') for purposes of order types that are priced based on the PBBO, and to determine the national best bid (``NBB'') \9\ for purposes of compliance with Rule 201 of Regulation SHO and Rule 440B.\10\ The Exchange notes that when it routes interest to a protected quotation, the Exchange adjusts the PBBO. --------------------------------------------------------------------------- \8\ The Exchange notes that because the FINRA Alternate Display Facility (``ADF'') does not currently display any quotations, the Exchange does not need any data feeds to provide it with ADF quotes. \9\ The NBBO is defined as the best bid and best offer of an NMS security. 17 CFR 242.600(b)(3). The Exchange notes that the NBBO may differ from the PBBO because the NBBO includes Manual Quotations, which are defined as any quotation other than an automated quotation. 17 CFR 242.600(b)(37). By contrast, a protected quotation is an automated quotation that is the best bid or offer of a national securities exchange. 17 CFR 242.60(b)(57)(iii). \10\ NYSE Rule 440B(b) requires that Exchange systems not execute or display a short sale order with respect to a covered security at a price that is less than or equal to the current NBB if the price of that security decreases by 10% or more, as determined by the Exchange, from the security's closing price on the Exchange at the end of regular trading hours on the prior day. --------------------------------------------------------------------------- The Exchange proposes to add new Supplementary Material .01 to Rule 19, which would state the following: .01 The Exchange uses the following data feeds for the handing, execution, and routing of orders, as well as for regulatory compliance: ------------------------------------------------------------------------ Secondary Market center Primary source source ------------------------------------------------------------------------ BATS Exchange, Inc................ SIP Data Feed....... n/a BATS Y-Exchange, Inc.............. SIP Data Feed....... n/a Chicago Stock Exchange, Inc....... SIP Data Feed....... n/a EDGA Exchange, Inc................ SIP Data Feed....... n/a EDGX Exchange, Inc................ SIP Data Feed....... n/a NASDAQ OMX BX LLC................. SIP Data Feed....... n/a NASDAQ OMX PHLX LLC............... SIP Data Feed....... n/a NASDAQ Stock Market LLC........... SIP Data Feed....... n/a NYSE Arca Equities, Inc........... SIP Data Feed....... n/a ------------------------------------------------------------------------ The Exchange notes that it does not trade any securities listed on the NYSE MKT LLC. 2. Statutory Basis The proposed rule change is consistent with section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\11\ in general, and furthers the objectives of section 6(b)(5),\12\ in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange believes that the proposed rule change removes impediments to and perfects the mechanism of a free and open market because it provides enhanced transparency to better assess the quality of an exchange's execution and routing services. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed change is not designed to [[Page 12242]] address any competitive issue but rather would provide the public and investors with information about which data feeds the Exchange uses for execution and routing decisions. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \15\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \16\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange stated that waiver of the operative delay will permit the Exchange to immediately provide the enhanced transparency in Exchange rules. The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\17\ --------------------------------------------------------------------------- \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NYSE-2015-09 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSE-2015-09. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSE-2015-09 and should be submitted on or before March 27, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-05164 Filed 3-5-15; 8:45 am] BILLING CODE 8011-01-P
![12240 Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices
underlying company. Specifically, rule Therefore, the Commission estimates SECURITIES AND EXCHANGE
30e–2 requires that the report contain that the total hour burden is COMMISSION
all the applicable information and approximately 84,700 hours. In addition
financial statements or their equivalent, to the burden hours, the Commission [Release No. 34–74410; File No. SR–NYSE–
required by rule 30e–1 under the estimates that the annual cost of 2015–09]
Investment Company Act (17 CFR contracting for outside services
270.30e–1) to be included in reports of associated with rule 30e–2 is $20,000 Self-Regulatory Organizations; New
the underlying fund for the same fiscal per respondent, for a total annual cost York Stock Exchange LLC; Notice of
period. Rule 30e–1 requires that the of approximately $14,000,000. Filing and Immediate Effectiveness of
underlying fund’s report contain, among Proposed Rule Change Specifying in
other things, the information that is Estimates of average burden hours are
made solely for the purposes of the Exchange Rules the Exchange’s Use of
required to be included in such reports
Paperwork Reduction Act and are not Certain Data Feeds for Order Handling
by the fund’s registration statement form
derived from a comprehensive or even and Execution, Order Routing, and
under the Investment Company Act.
The purpose of this requirement is to representative survey or study of the Regulatory Compliance
apprise current shareholders of the costs of Commission rules and forms. March 2, 2015.
operational and financial condition of The collection of information under rule
the UIT. Absent the requirement to 30e–2 is mandatory. The information Pursuant to section 19(b)(1) 1 of the
disclose all material information in provided under rule 30e–2 will not be Securities Exchange Act of 1934 (the
reports, investors would be unable to kept confidential. An agency may not ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
obtain accurate information upon which conduct or sponsor, and a person is not notice is hereby given that, on February
to base investment decisions and required to respond to, a collection of 24, 2015, New York Stock Exchange
consumer confidence in the securities information unless it displays a LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
industry might be adversely affected. currently valid OMB control number. with the Securities and Exchange
Requiring the submission of these Commission (the ‘‘Commission’’) the
reports to the Commission permits us to Written comments are invited on: (a) proposed rule change as described in
verify compliance with securities law Whether the proposed collection of Items I and II below, which Items have
requirements. information is necessary for the proper been prepared by the self-regulatory
Rule 30e–2, however, permits, under performance of the functions of the organization. The Commission is
certain conditions, delivery of a single agency, including whether the publishing this notice to solicit
shareholder report to investors who information will have practical utility; comments on the proposed rule change
share an address (‘‘householding’’). (b) the accuracy of the agency’s estimate from interested persons.
Specifically, rule 30e–2 permits of the burden of the collection of
householding of annual and semi- information; (c) ways to enhance the I. Self-Regulatory Organization’s
annual reports by UITs to satisfy the quality, utility, and clarity of the Statement of the Terms of Substance of
delivery requirements of rule 30e–2 if, information collected; and (d) ways to the Proposed Rule Change
in addition to the other conditions set minimize the burden of the collection of
forth in the rule, the UIT has obtained The Exchange proposes to specify in
information on respondents, including Exchange rules the Exchange’s use of
from each applicable investor written or
through the use of automated collection certain data feeds for order handling
implied consent to the householding of
techniques or other forms of information and execution, order routing, and
shareholder reports at such address. The
rule requires UITs that wish to technology. Consideration will be given regulatory compliance. The text of the
household shareholder reports with to comments and suggestions submitted proposed rule change is available on the
implied consent to send a notice to each in writing within 60 days of this Exchange’s Web site at www.nyse.com,
applicable investor stating that the publication. at the principal office of the Exchange,
investors in the household will receive Please direct your written comments and at the Commission’s Public
one report in the future unless the to Pamela Dyson, Director/Chief Reference Room.
investors provide contrary instructions. Information Officer, Securities and
In addition, at least once a year, UITs II. Self-Regulatory Organization’s
Exchange Commission, C/O Remi
relying on the rule for householding Statement of the Purpose of, and
Pavlik-Simon, 100 F Street NE.,
must explain to investors who have Statutory Basis for, the Proposed Rule
Washington, DC 20549; or send an email
provided written or implied consent Change
to: PRA_Mailbox@sec.gov.
how they can revoke their consent. The
purpose of the notice and annual Dated: March 2, 2015. In its filing with the Commission, the
explanation requirements associated Brent J. Fields, self-regulatory organization included
with the householding provisions of the statements concerning the purpose of,
Secretary.
rule is to ensure that investors who wish and basis for, the proposed rule change
[FR Doc. 2015–05219 Filed 3–5–15; 8:45 am]
to receive individual copies of and discussed any comments it received
BILLING CODE 8011–01–P
shareholder reports are able to do so. on the proposed rule change. The text
The Commission estimates that the of those statements may be examined at
annual burden associated with rule 30e– the places specified in Item IV below.
mstockstill on DSK4VPTVN1PROD with NOTICES
2 is 121 hours per respondent, including The Exchange has prepared summaries,
an estimated 20 hours associated with set forth in sections A, B, and C below,
the notice requirement for householding of the most significant parts of such
and an estimated 1 hour associated with statements.
the explanation of the right to revoke
consent to householding. The 1 15 U.S.C.78s(b)(1).
Commission estimates that there are 2 15 U.S.C. 78a.
currently approximately 700 UITs. 3 17 CFR 240.19b–4.
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![12242 Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices
address any competitive issue but rather Commission summarily may available publicly. All submissions
would provide the public and investors temporarily suspend such rule change if should refer to File Number SR–NYSE–
with information about which data it appears to the Commission that such 2015–09 and should be submitted on or
feeds the Exchange uses for execution action is necessary or appropriate in the before March 27, 2015.
and routing decisions. public interest, for the protection of For the Commission, by the Division of
investors, or otherwise in furtherance of Trading and Markets, pursuant to delegated
C. Self-Regulatory Organization’s
the purposes of the Act. If the authority.18
Statement on Comments on the
Commission takes such action, the Brent J. Fields,
Proposed Rule Change Received From
Commission shall institute proceedings Secretary.
Members, Participants, or Others
to determine whether the proposed rule
No written comments were solicited [FR Doc. 2015–05164 Filed 3–5–15; 8:45 am]
should be approved or disapproved.
or received with respect to the proposed BILLING CODE 8011–01–P
rule change. IV. Solicitation of Comments
Interested persons are invited to
III. Date of Effectiveness of the SECURITIES AND EXCHANGE
submit written data, views and
Proposed Rule Change and Timing for COMMISSION
arguments concerning the foregoing,
Commission Action
including whether the proposed rule
Because the proposed rule change [Release No. 34–74402; File No. SR–BYX–
change is consistent with the Act. 2015–12]
does not (i) significantly affect the Comments may be submitted by any of
protection of investors or the public the following methods: Self-Regulatory Organizations; BATS
interest; (ii) impose any significant Y-Exchange, Inc.; Notice of Filing and
burden on competition; and (iii) become Electronic Comments
Immediate Effectiveness of a Proposed
operative for 30 days from the date on • Use the Commission’s Internet
Rule Change To Amend Rule 11.22 To
which it was filed, or such shorter time comment form (http://www.sec.gov/
Update the Names of Certain Market
as the Commission may designate, the rules/sro.shtml); or
• Send an email to rule-comments@ Data Products
proposed rule change has become
effective pursuant to section 19(b)(3)(A) sec.gov. Please include File Number SR– March 2, 2015.
of the Act 13 and Rule 19b–4(f)(6) NYSE–2015–09 on the subject line. Pursuant to Section 19(b)(1) of the
thereunder.14 Paper Comments Securities Exchange Act of 1934 (the
A proposed rule change filed ‘‘Act’’),1 and Rule 19b–4 thereunder,2
pursuant to Rule 19b–4(f)(6) under the • Send paper comments in triplicate
notice is hereby given that on February
Act 15 normally does not become to Secretary, Securities and Exchange
18, 2015, BATS Y-Exchange, Inc. (the
operative for 30 days after the date of its Commission, 100 F Street NE.,
‘‘Exchange’’ or ‘‘BYX’’) filed with the
filing. However, Rule 19b–4(f)(6)(iii) 16 Washington, DC 20549–1090.
Securities and Exchange Commission
permits the Commission to designate a All submissions should refer to File (‘‘Commission’’) the proposed rule
shorter time if such action is consistent Number SR–NYSE–2015–09. This file change as described in Items I and II
with the protection of investors and the number should be included on the below, which Items have been prepared
public interest. The Exchange has asked subject line if email is used. To help the by the Exchange. The Exchange has
the Commission to waive the 30-day Commission process and review your designated this proposal as a ‘‘non-
operative delay so that the proposal may comments more efficiently, please use controversial’’ proposed rule change
become operative immediately upon only one method. The Commission will pursuant to Section 19(b)(3)(A) of the
filing. The Exchange stated that waiver post all comments on the Commission’s Act 3 and Rule 19b–4(f)(6)(iii)
of the operative delay will permit the Internet Web site (http://www.sec.gov/ thereunder,4 which renders it effective
Exchange to immediately provide the rules/sro.shtml). Copies of the upon filing with the Commission. The
enhanced transparency in Exchange submission, all subsequent Commission is publishing this notice to
rules. The Commission believes the amendments, all written statements solicit comments on the proposed rule
waiver of the operative delay is with respect to the proposed rule change from interested persons.
consistent with the protection of change that are filed with the
investors and the public interest. Commission, and all written I. Self-Regulatory Organization’s
Therefore, the Commission hereby communications relating to the Statement of the Terms of Substance of
waives the operative delay and proposed rule change between the the Proposed Rule Change
designates the proposal operative upon Commission and any person, other than The Exchange filed a proposal to
filing.17 those that may be withheld from the amend Rule 11.22, Data Products, to
At any time within 60 days of the public in accordance with the update the names of certain products to
filing of the proposed rule change, the provisions of 5 U.S.C. 552, will be align with recent changes made to the
available for Web site viewing and names of the same products in the
13 15 U.S.C. 78s(b)(3)(A).
14 17
printing in the Commission’s Public Exchange’s fee schedule.
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Reference Room, 100 F Street NE., The text of the proposed rule change
Commission with written notice of its intent to file Washington, DC 20549, on official is available at the Exchange’s Web site
the proposed rule change, along with a brief business days between the hours of at www.batstrading.com, at the
description and the text of the proposed rule 10:00 a.m. and 3:00 p.m. Copies of the
change, at least five business days prior to the date principal office of the Exchange, and at
mstockstill on DSK4VPTVN1PROD with NOTICES
of filing of the proposed rule change, or such
filing also will be available for the Commission’s Public Reference
shorter time as designated by the Commission. inspection and copying at the principal Room.
15 17 CFR 240.19b–4(f)(6). office of the Exchange. All comments
16 17 CFR 240.19b–4(f)(6)(iii).
received will be posted without change; 18 17 CFR 200.30–3(a)(12).
17 For purposes only of waiving the 30-day
the Commission does not edit personal 1 15 U.S.C. 78s(b)(1).
operative delay, the Commission has also
considered the proposed rule’s impact on
identifying information from 2 17 CFR 240.19b–4.
efficiency, competition, and capital formation. See submissions. You should submit only 3 15 U.S.C. 78s(b)(3)(A).
15 U.S.C. 78c(f). information that you wish to make 4 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2018-02-21 09:33:26
Document Modified: 2018-02-21 09:33:26
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 12240 |
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